A new survey finds that implementation of the Affordable Care Act has reduced the appeal of health benefits to employees and increased retirement plans’ importance as a tool to recruit and retain employees.

The survey, conducted online by Harris Poll on behalf of Nationwide, found that 29% of owners of businesses with fewer than 300 employees that offer 401(k) plans and plan to increase contributions say that they are doing so because the ACA has made health benefits less attractive to employees. Additionally, 43% of business owners who plan to increase their contributions to their company’s 401(k) plan say they are doing so because their plan is now more important for attracting and retaining employees as a result of the ACA.

For business owners who don’t currently offer retirement benefits but plan to start in the future, nearly a quarter (23%) say it is because a 401(k) plan is now more important for attracting and retaining employees as a result of the ACA.

The survey found that three in five small business owners who offer retirement plans (58%) say they plan to increase contributions, and one in five (19%) business owners who don’t currently offer 401(k) plans say they will offer them in the future.